Detailed steps for completing the work sheet, Accounting Basics

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Q. Detailed steps for completing the work sheet?

Accountants use these preliminary steps in preparing the work sheet. The following segments describe the detailed steps for completing the work sheet.

- Enter the balances and titles of ledger accounts in the Trial Balance columns.

- Enter adjustments within the Adjustments columns.

- Enter adjusted account balances within the Adjusted Trial Balance columns.

- Extend adjusted balances of revenue as well as expense accounts from the Adjusted Trial Balance columns to the Income Statement columns.

- Extend any balances in the Retained Earnings as well as Dividends accounts to the Statement of Retained Earnings columns.

- Enlarge adjusted balances of asset, liability as well as capital stock accounts from the Adjusted Trial Balance columns to the Balance Sheet columns.


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